The H&M Group continues to invest in the circular fashion economy via Sellpy.
The Swedish fashion giant has announced that it has acquired an approximate 70% stake in the re-commerce platform, which specializes in selling second-hand clothing.
The H&M Group has been investing in Sellpy since 2015, but the new development takes it from being a minor shareholder to a majority owner.
"We keep investing in Sellpy because we strongly believe in the company and the founders," said Nanna Andersen, Head of the group's investing arm CO:LAB, in a statement. "Sellpy has a unique circular business model, which perfectly aligns with H&M Group's vision to become fully circular."
Sellpy, which was founded in Sweden in 2014, is now preparing for international expansion, beginning with Germany. "With the support of H&M Group we can continue to innovate and drive awareness and adoption of re-commerce," said its CEO Michael Arnör.
Second-hand fashion is a booming business at the moment, as conscientious shoppers seek to breathe new life into old clothes, via repurchasing, recycling or reuse. The H&M Group-owned brand & Other Stories began trialing a secondhand clothing initiative in partnership with Sellpy in Sweden earlier this year, in order to make it easier for people to buy and sell pre-loved items from its collection, and it is not alone in its efforts to drive a circular economy. This month, the luxury fashion retailer Farfetch has partnered with the on-demand clothing donation service Thrift+ to allow shoppers in the UK to sell pre-loved garments, while the British house of Burberry announced a pilot scheme with consignment retailer The RealReal, offering incentives to fashion fans who consign Burberry pieces on the online marketplace.